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coming up next. ♪ gerri: tonight, no clarity from congress from the fiscal cliff. will the american people end up being the big loser? and with the lame-duck congress ba in session, new warning about rules and regulations that it your way. welcome to "the willis report." hello, everybody. the white house trying to save face by saying it is wrong to think about talks to avrt the thistle class have broken down, but the evidence is mounting. the president pushing tax checks on those making over 50,000. all that promise, the second meeting between president and congressional leaders is an even scheduled yet. senate majority leader harry reid refusing to put cuts on the table and saying it is republicans who are holding up negotiations should we expect to go right over the ciff? let's start by taling about whether it is impoible to get some kind of thoroughgoing resolution of this issue. >> at think it is, but we have to be working on a full-time. the president needs to be here talking to members of congress and working out a big deal, meaning tax reform, and panama reform, and other spe
and the fiscal cliff deal while making sure the rich pay more. jeff flock with union back protests at wal-mart stores and diana on the dirty little secret those unions are not changing wal-mart workers. first to rich and some in washington, d.c.. how unions trying to persuade democratso avoid spending cuts? >> with a significant lobbying effort on capitol hill and a new advertising campaign targeted at democratic and republican lawmakers in pesylvania, virginia and missouri. the basic message is don't touch entitlements in the fiscal cliff tops we're having on capitol hill. honesty and one of the union says elected officials from both parties need to listen to the will of the voters and focus on rebuilding the middle class and strengthening our economy by investing in jobs, not cuts. as for the effectiveness of this campaign one conservative says this type of pressure from unions is nothing new. >> the fact that they are publicly saying what they have been privately saying helps the american people understand where obama's in trend and comes from but nothing has changed. >> the issue is i
less conversation and more on the fiscal cliff. that is my "2 cents more," and that's it for tonight. thank you for joining us. have a great night. we'll see you here tomorrow. ♪ lou: good evening, everybody. more than 200-point swing in the stock market today, but at the end of the days of volatile session the dow jones industrial had a triple digits gain. anxious investors worldwide, however, have been selling stock on concerns about the impending peril of the so-called fiscal cliff. president obama for his part seems utterly unimpressed by market volatility and the consequences of failure to resolve the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax
investors are trying to hang onto when there's not much to look at. cheryl: we have more fiscal cliff discussions picking the next week. we really have not a lot of days to get that fiscal cliff situation figured out. how nervous are you? taking it to the final trading day of the year which is entirely possible? we are talking about washington. >> i don't think anybody will blink yet in washington. another month left will stretch us out as long as possible. when we come here is a day-by-day market. one day everyone is buying into amanda knox data could be a headline out of washington where everyone is trying to get out real quick. too many uncertainties heading into the year or the first quarter next year so investors will look at this as a day-by-day trade but we can't forget the other factors out there. the fiscal cliff, we will get our normal calendar of economic data and still get headlines out of europe. still lot of things will move the market. i traditionally think we see a run up toward the end of the year. cheryl: a lot of traders bring their families on the floor of the stoc
trail to talk about his solution for the fiscal cliff. nothing is getting done in washington. >> what is rich's the $230,000 for a tough pill to swallow for new tax hikes. so now it will buy even make dead-end. what does lou dobbs think? melissa: corporate america racing to get ahead of the cliff with wall street funds to help your wallet. melissa: time for stocks ahead to the floor of the new york stock exchange with nicole petallides confidence hitting the post recession peak but traders are not buying it? >> >> of its numbers result of the market moved higher the dow moving into the green but now was sells off continuing the trend. we're doing much of the same we're under pressure with dow jones industrial average but also of the nasdaq has some of perot's. the confidence numbers of the highest levels since february 2008 also case-schiller shows the total order for durable goods is unchanged. we have a deal on wall street and some upgrades so there are bits and pieces and many are rushing to get ahead of the fiscal cliff. lori: with the potential tax increase with dividends compani
of the main drivers behind recent stock moves is the uncertainty about the fiscal cliff. but buckle up, our next two guests say the action could soon get even more interesting. and later today, thousands are going to gather in manhattan's rockefeller center for the lighting of the christmas tree, making any visit to manhattan from here on out basically impossible at night. the annual spectacle has become a world famous symbol of the holidays. i went last night and it was okay. >> i went two nights ago. >> from now on -- >> i couldn't believe two nights ago, there was no traffic. >> it's over now. over. >> this year's tree came from flanders after surviving the strong winds of hurricane sandy. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investm
have haven't, this is going to make you want to puke. 39 days away from a fiscal cliff it turns my stomach because i have been trying to avoid the fiscal cliff. i have a lot to do. i took it upon myself to try to save the country and broker a deal, to try to get them hopping on the trillions of dollars worth of automatic spending cuts and bush tax rates that expire the same second, at stroke of midnight january 1, 2013. with the biggest names in the business community, in the political community, we tried, again and again, to come close to the crisis that could have been avoided at 39 days out remains a chasm. hear their woes, their worries, about being on the brink. fiscal cliff? or fiscal free for all? we are staring at this abyss. no one is even touching it. >> what is amazing to me this is the most predictable financial crisis ever in the history of this country. i suspect we are thought going to anticipate a recession, you will see a recession. >> we should be very careful not to go over the cliff because we will have a negative affect on this economy and on employment. >>neil
investors no favors real acquainting them instead with the scary parts of the fiscal cliff story. the federal reserve chairman spooking investors saying that the bank would not have infinite ability to address the fallout from the failure to avoid going over the so-called fiscal cliff. the dow jones industrial today losing seven points, s&p, nasdaq up fractionally. president obama returned to the white house after a three day trip to -- through southeast asia with stops in cambodia, thailand, and burma. the president takes part in a yearly presidential tradition. the parting of the national thanksgiving turkey in the rose garden. the prime minister of israel reiterating tonight that the cease-fire deal has been reached he told reporters that israel will take whatever action is necessary to defend its people but stated a diplomatic resolution would be preferred. joining as, fox is national-security analyst, former ambassador to the united nations. let me turn to you first. is it your sense that a deal has been reached between hamas and israel? >> because israel has accomplished th
-on-year, that is pretty good. >> what fiscal cliff, right now we're up by 12% from our 12 month low. in terms of a month long average that is pretty good, investors are not as frightened as they were some days ago regarding possibility of higher taxes, for capital gains and dividend. lou: they are still in prospect, all of it is. we have folks introducing bills to defer the whole thing for a year now. and the president is making nice, he is talking with ceos, seeming leally almost every othr day. >> market thinks we have a kinder and gently barack obama, who knows that might be correct. but who knows, business sales show no signs of improving sig 1/2 cannily, we'll issue watching what happens this week into start of the holiday shopping scene very closely. lou: at what point do we just acknowledge we're sort of you know bumbling along, economically, that the markets are outperforming the economy. and if we look at this right now, there is a project here that from index of leading economic an kate or to market's behavior that says we have good things in store here 6 months down the road. >> equity can li
, and the message no entitlement reform in any fiscal cliff deal. and more, ollie north on record gun sales, mike reagan on california and isaacs on warren buffett. here we go. "varney & company" is about to begin. looking for a better place to put your cash? here's one you may not he thght of -- fidelity. now you don't have to go a bank get the things you want from a bank, like no-fee atms all over the world. free checkwriting and mobile deposits. now depositing a check is easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account day and discover another reason >> wednesday, november 28th a bombshell report from forbes this morning, 11 states are in a death spiral. don't buy a house and don't invest in their municipal bonds. california, new york, illinois, of course they're on the list and smaller states like mississippi and new mexico also on that death spiral list. and the problem with the states accord to go william baldwin, he wrote the story, more takers than makers and all have
house speaker john boehner and harry reid this weekend for avoid efforts on fiscal cliff. on wednesday president obama will seek more input from top ceos, including gold man's lloyd blankfein and caterpillar's doug owner hill man. a number will travel to washington to try to reach a deficit cutting deal as part of the fix the debt campaign. so all things fiscal cliff still pre-dominate. we have a time clock that's quickly running out. how important is it that we get an agreement before the end of the year? >> this is like the debt ceiling argument. people got into a panic. that's something we even imposed on ourselves to decide that the debt shouldn't go too high. so it's not a bad thing. same with the fiscal cliff. what are we saying with the fiscal cliff? we're saying the economy might be revealed to be what it's actually doing because we'll take away the artificial supports because we think it's held any enough now to maybe after itself. that might entail a step drop because at the moment we're giving these tax breaks, but we're doing it out of our saving. >> but the point isn't jus
, the fiscal cliff is going to be something that implies a little bit of slowing or austerity. markets do not want to see austerity. voters don't want to see austerity although it's the right thing to do in the wrong term. recognize this is the environment where -- >> all right, ron, based on the fact that the the fed's printing and you think the emerging markets are the way to go, talk about your picks. you like three sectors. technology, oil and gas, and, of course, food. the world will eat and eat better. what stocks do you like? >> well, let's see, oil and gas, exploration and transportation in the united states particularly is what we like. mlps are a place where we have a 9% allocation. a couple reasons, one, someone's got to transport all this oil from north dakota to the plants. that's growing at an incredible pace, high dividend payers, tax advantage dividend payers, going to be an incredibly important aspect for investors next year, and the world and the united states wants to be energy independent. the oil and gas, mlps, more of a commodities play. it's a good -- it's a good so
and served as chief justice for the 12th court of appeals. let's start with the fiscal cliff. i want to go to your call for a special prosecutor. on benghazi, but, going to the fiscal cliff, the speaker making it very clear, that hs going to approach the negotiation of the white house, on the cliff, positive with some sense at least of accommodation, potential accommodation, if his terms are met. that is positive stuff, don't you think? >> well, it is positive. t, there's a lot of pressure, right now, and, of course, pressure is what you can use to take care bonn and make diamonds. this is the time to be bold. this is not the time to be defensive and i'm glad the speaker has come forward with a proposal but, the thing is, we ought to be taking the president's words and sticking them back with him. he wants everybody to pay their fair shar let's do it. let's ve capital gains, 15%. let's have income tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, wil
be worried, in takes two to tango or to send us over the fiscal cliff. but only party we're talking about right now is the g.o.p., and they are. neil: why are they doing this? i know a close election, but, it is not as if they were just wiped off the face of the earth? what are they doing? >> i think there are a couple things here, dan and i were talking, if they go ahead, and go along with this, then they are setting a tone and putting themselves at risk for midterm elections, they can't afford to lose at this pointolitically. but i think they know, that if theyment long-term tax solutions, a simplification of the tax code if that i want to talk about entitlement reform they have to concede a bit. i think one thing that could help both sides if we had a well the more transparency in this conversation so it is not just republicans that are strong armed here. neil: you know, dan, you are closer to this than i will be, but i have to say between this concession of republicans to entertain what cou be more substantial revenue hikes, so say nothing now of embracing the idea of suzanne rice --
over the floor. >> i'm more positive than most. >> if not, we go off the supposed cliff. >> the fiscal cliff or slope. the bump of various height. >>> thelma and louise might need to make room in the car for the president of the united states. at the white house today, senior obama administration officials met with liberal leaders and union officials. "the washington post" reports that one told him after the meeting, quote, would the white house go off the cliff if it's between that and compromising their core principles? i was left with the impression that they would. illinois democratic senator dick durbin spoke today at the liberal center for american progress where he said this about the possibility of going off the cliff which fears of this show know is is really more of a curb than a cliff. >> some have called let's go over the cliff and watch what happens. we know if we're not careful, it will in fact stop economic growth and hurt everyone through every income category, particularly those most vulnerable. >> what he did not say is he must not go off the cliff. because the cliff
. the cease-fire right now, keeping that in perspective. the fiscal cliff, but we have december to look forward to. black friday, cyber monday, these are things that might move the market up in another direction. we will see what happens after we get back to work. cheryl: so many questions i am sure it is so hard to trade because we don't know what is going on. let's go over to the cme. really it is still about europe. we still have problems with greece, still a lot of rhetoric coming out, no true sign of relief for the euro sign. anything across the pond you're watching right now? >> monday we will see the euro central bank and the imf will hold hands together and say we will extend another two years, that will be it. also, spain sitting in the background, they are not doing anything. are they waiting for their fiscal cliff? one of the places we're looking at, japan. there is an election coming up in the middle of december. what we are seeing is the japanese yen devaluing. one of the things we need for their economy is exports. they have been horrible. look at electronics companies rig
congresso spare them on any deaof the fiscal cliff. this on top of unions everywhere flexing their muscles. airports, retail stores, hospitals. it's time to say this gravy train is over. dave, when you have? reporter: all the excesses of government and the phony rules and regulations and useless rules, these unions thre on that. the postal employees union is extraordinary. federal and postal employees are struggling during these hard times. no other group has been asked to financially contribute in the way that they have. we know that they are making twice as much of a comparable job and the private workforce. >> there is no gravy train left. america it is not in the 50s anymore. companies along the lines of this, they can't handle the higher pay rate. there is no future for private and public jobs growing in the sector. charles: in the private sector it is all about this. if they had a really from the white house and national labor relations board. it seems like a favorable media right now. they are on the attack. i don't know if this will backfire or not. holding up traffic at lax and th
this, the austerity crisis, better known as the fiscal cliff facing washington and the country. this hour president obama will speak live at the white house flanked by middle-class families whose household budgets depend on congress reaching a deal by january 1st. his latest effort to use his bully pulpit. nearby on capitol hill, both parties are meeting behind closed doors at this very minute. each side hashing out where they are willing to compromise and where they are drawing the line in the sand. >>> the other big story we're watching for you, a second round of sitdowns for united nations ambassador susan rice, who's in an all-out campaign of her own to face her critics. after three republicans issued blistering comments yesterday, this morning rice is meeting with republican senator susan collins of maine and in an hour is expected to meet with senator bob corker of tennessee. rice's harshest krit eks are still vowing to block her potential nomination as next secretary of state. >> i think everybody gets to, one, be nominated, and, two, go through the hearings and the deba
against the clock trying to reach an agreement on the fiscal cliff that is fast approaching. the president is trying to ramp up public pressure on congress to accept his ideas for debt reduction in. in the coming days he meets with small business owners, middle class taxpayers, around corporate leaders. friday he tried to recapture his winning spirit in pennsylvania touring a toy manufacturing plant. i don't think the event is in whoville but the republicans as grinch playbook is probably evident enough. to hear some of the president's team, they see this christmas going their way. >> i think we're going to get this done. i'm more positive than most. i'm heartened by many ever my senate republican colleagues who have stepped forward and basically said that their real oath is to america and not to a washington loppiest named grover norquist. >> it's actually true. some republicans have signaled a willingness to buck grover norquist and his anti-tax pledge and raise some new revenue. "the wall street journal" weighed in with a reasonable argument. president obama's re-election means the taxe
's not the powerball lottery. it's the fiscal cliff. just in the last hour, at his first cabinet meeting since re-election, the president expressed the urgent need for a deal, one that he wants to see extend tax cuts for the middle class while letting them expire for the highest earners. >> there is no reason why taxes on middle class families should go up. it would be bad for the economy. it would be bad for those families. in fact, it would be bad for the world economy. and so i think it's very important that we get that resolved. and i am very open to a fair and balanced approach. >> the president met with middle class tax payers today, urging them to employ twitter hash tag my y2k, telling congress this is too important for them to screw it up. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. it's too important for washington to screw this up. >> and a new survey shows the president has the public on board in a new washington post poll, 60% support raising taxes on incomes over $250,000. a hea
act together on the fiscal cliff, taxes for the vast americans will go out. 90% of households in this country will pay higher taxes if the u.s. goes off that cliff. with low income families among the hardest hit. connell: charlie wrangle, congressman from new york, he is here in studio with us. >> we have to get a deal done. it would be irresponsible for congress to go forward. most people do not know that the break that they are getting is temporary. it expires december 31. do nothing and the rates automatically go up. what about the severe cuts that we will have in the budget. this is a nightmare that we created that never should have happened. now it is on the brink of happening. in my opinion, will it happen, no. we have the option to do something justice and responsible. that is kicked the whole thing off to next year. believe me, the country is facing such a terrible crisis. dagen: even if they broker a short-term deal, it goes for six months, what about the hope of overall tax reform? isn't that better to get a short-term deal and then do something more sweeping and per
approaching so-called fiscal cliff, which the thanksgiving holiday over, the president and top lawmakers are focusing this coming week on negotiating a deal on those expiring tax cuts and spending reductions that will automatically kick in december 31st, at midnight. so will we see more face-to-face meetings and what do both sides need to do? let's talk with angela mcglowan, and mark hammond a former aid to john kerry and nice to see you both. i predict more face-to-face meetings and i think they'll get together, kind of like holiday dinners, you see a lot of people you might not choose to see, but you have to see them, right. >> you have to see them and you might not want to see them again for another year, but, he yes, rick, they have to come to the table again and again and again until we reach a deal. if we go off the fiscal cliff, it's predicted that we will get another recession, now they're saying if we go off the fiscal cliff it only impact certain americans with taxes increasing and it will affect our country and economy. and we need face-to-face meetings and i don't think that
the fiscal cliff or the debt limit which looms in february or march. >> as we know there is no real fiscal cliff. it's more of a curve or a mole hill. it's serious and real but not going over the cliff. if there is something of a cliff-like situation, it's playing to the president's advantage. december 31st what he doesn't want, the bush tax cuts for the rich, will be gone. they'll also be gone with the middle-class tax cuts. two years ago the republicans tried to hold the president hostage and said listen, if you don't give us the bush high-end tax cuts we're not giving you the middle-class tax cuts. the president ju jitsued that into a second stimulus. the president this time around has a little advantage. he can let all tax cuts expire on december 31st which is what democrats are advocating, first week in januariry when the congress comes back in, he can say, guys, we have 98% of the public i want to give tax cuts to right now, we can keep arguing about the top 2 but do this right now for the 98%. how come you're not with me on this? that's i think is a card for him to play heavy and gi
are headed for this fiscal cliff and we need to do something to resolve that. we have an opportunity here to lock in responsible fiscal policy over the next few years. i think we should be able to do both. >> ken, we're told that the president is meeting today with the head of mitt romney's favorite organization, the magnificent chamber of commerce which as we know produced some marvelous surveys that appeared to support him. he spoke with speaker boehner and harry reid over the weekend and yet no meeting date is set. what kind of outreach is going on behind the scenes? are you aware, ken, of any other relationships that are being developed at this moment to try to fend off the fiscal cliff? >> yeah. mostly what we're hearing about is that the staff level there are ongoing negotiations between the white house, between harry reid and the senate majority leader's office and john boehner's office, the house republicans. but so far what we've seen, at least in the principal, is really just highlighting the differences and how stark the differences are. yes, there have been some republicans wh
, but other way, the republicans are in motion over the fiscal cliff. the democrats are not moving. good morning, everyone, several leading republicans say they will put more tax revenue on the table. that's a shift. warren buffett says raise tax rates on incomes over a half million dollars, that's a shift. but the president and democrats are not moving and they still say raise tax rates on the rich. on-line shopping, a very big winner and very big for retailers. 13% better than last year overall. today, on-line sales may run close to 2 billion dollars. will it last through the holidays? we've got another north african economy in absolute chaos. egypt torn by rioting after morsi takes dictatorial powers. they really need our money now. watch out, everybody, "varney & company" is about to begin. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement peopl who are paid on sary, not commission. they'll get st
and fiscal cliff fears. >> of course, we're talking about the -- >> fiscal cliff. >> it does cause uncertainty. >> there's a great uncertainty. >> there's always uncertainty. life is uncertain. >> i think it's more of a slope. republicans possibly maybe -- >> growing number of republicans. >> looking to make a deal. >> and they would like one pretty quick. >> some top republicans suggest they could shock horror. >> the mythical grover norquist. >> break with their sacred pledge. >> to grover norquist. ♪ another one bites the dust >> nobody's turning on me. >> i'm not obligated on the pledge. >> nobody's turning on me. >> it is not about that pledge. >> nobody's turning on me. >> it really is about trying to solve problems. >> i'm sorry, that's just silly. >> grover norquist is not jesus. >> he can't burn down your house. >> we would highlight whose kept their commitment. >> this guy's a political lone shark. >> nobody's turning on me. >> i will violate the pledge. >> nobody's turning on me. ♪ >> with 36 days until the curve, republicans on fox news say their party is in chaos a
. if we grew at 4 percent we would not have the so-called fiscal cliff. >>neil: what do you think of grover norquist and the easy fix? >>guest: i think he has done a great service to the country in getting so men people to take a pledge because this is some pressure on the people, now to go back on their word and there should be pressure because it is the wong thing to do so grover norquist and americans for tax reform, i worked with him for 15 years getting the state letters to sign the pledge, and it holds people's feet to the fire and to sign this, if they go back on their word they will suffer the repercussions next election. >>neil: thank you, senator. if republicans telling grover is over are making senator harry reid happy, should that make you worry? who better to ask than grover? tonight, on fox business network. you don't get it? demand it. you don't want to miss this. >> steer clear of the cliff, gouge them at the pump? get ready for real road rage. >>neil: i am headed off to the city of angels. the ladies can't wait. >> so crazy it is here. >> my heart is pounding. >>
message. unions looki to hijack fiscal cliff talks by trying to convince democrats and republicans to take a sharp left. launching an ad campaign telling both parties to raise taxe and don't dare budge on those entitlement cuts. former new york mayor rudy guiliani says the ush to the left just isn't right. mr. mayer, a lot of money, a lot of mone at stake. you know all the people involved, all of the groups are going to come out. >> critical straitening out of the fiscal disaster, dealing with expenditures. where the republicans have to give on revenues, they only have to give on revenues if you get really good cuts in expenditures this is a terrible message. maybe good for the unions, but it is bad for the country and our children because of this does is increase the debt under which they are operating and which is already getting close to historic. tom: the thing about all this, it seems like we are getting into a semantic battle because i was reading through the statement said the union leaders , spending a lot of money advertising, especially to republican congressional folks. >> right
." ♪ melissa: first, let's take a look at the day's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some other best in four months. two formerly bearish analysts upgrade their outlook citing increasing revenue from mobile ads. and as our own charlie gasparino first reported, mary schapiro stepping down as chairman of the sec. officially leave office on december 14th. she ran the securities regulator for nearly four years. president obama will appoint current sec commissioner to run the agency. all right. now to our top story. warren buffett support for raising taxes on the rich takes a controversy in its turn in an op-ed in today's new york times. the billionaire investor says let's forget about the rich in culture ridge. income is increased. forever for see investment of the charities. so buffett is on target with this. raising taxes on the rich actually have no affect on their investment behavior. let's bring in scott martin, chief investment strategist and founder and ceo
his fiscal cliff negotiations with congressional republicans. that's a nod to republicans because they prefer geithner over the president's chief of staff jack lew who republicans believe is stridently opposed to big changes to health care entitlements like medicare and medicaid. white house officials insist though geithner will be in the lead, jack lew won't be far from the fiscal cliff talks. >> pelley: major, what is the white house willing to put on the negotiating table? >> scott, just about everything except social security. the president argues that social security is not driving the deficit problem. it has solvency issues of its own but the president wants those dealt with downstream, sometime next year and on a separate track. now congressional republicans, especially those eager-- or at least willing-- to raise tax revenue want social security, medicare and medicaid as part of the fiscal cliff negotiations. if that's the price tag of a grand bargain, the white house says at least where social security is concerned it's not going to buy. scott? >> pelley: major, thanks ve
negotiate a deal to try to avoid the coming fiscal cliff. our chief white house correspondent ed henry is live at the white house. so what are we expecting from the president today, ed? >> reporter: jon he is going to meet with business leaders as you say later this hour. he will come out and talk about where he believes these fiscal cliff talks are. you remember on friday he will be in pennsylvania for essentially a campaign-style event to try and pressure republicans to move forward in these talks. the white house also has this new twitter campaign they unveiled today, the hashtag, my 2 k, as in $2000 believes middle class families will get if the president's push to extend bush-era tax cuts for the middle class to continue. republicans have been saying that is all about campaigning. jay carney, the white house spokesman says it is about engaging the public. take a listen. >> the president spoke with speaker of the house boehner and senate majority leader reid over the weekend. our team is continuing discussions with their congressional counterparts on this matter, and it is entirely
.s., congress returns from a thanksgiving break he with talks to resolve the fiscal cliff. with no action by lawmakers and president obama, around 600 billion in tax hikes a and spending cuts would take effect in january. republicans and democrats are still in odds over the cause to raise taxes on the wealthiest and cutting on programs like medicare. but both sides saying they're willing to compromise. >> you have to raise additional revenues. there are ways of doing that. >> republicans always put revenue on the table. democrats always promise to cut spending. we never cut spending. what i'm looking for is more revenue for entitlement reform. >> the house speaker has called for a short term fix to overt the fiscal cliff so congress can work on a bigger deal in 2013. they naed to cut out a package that includes revenue hikes and spending cuts by the end of the year. >> americans have been out shopping early and often. almost 140 million kmers hit the stores or shopped online between thursday and sunday. that's up 6% from last year. >> almost a quarter billion shoppers will have been onlin
♪ ♪ ♪ imus in the morning ♪ >> impasse on the fiscal cliff. greece gets the money, the president goes back to campaigning. okay, you've heard it all before. we have something new for you. good morning, everyone, first item, guguns. the one-day record for background checks smashed. 154,000 on be black friday alone. that's a huge increase in likely purchases in an already booming market. second, a global climate change tax, here it comes, the u... holds a meeting, america is the bad guy. they want our money. third, research in motion, the blackberry company we put that stock on death watch. wrong move. the stock has gone straight up. you never know what you're going to get on "varney & company," but it will be interesting. here we go. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all ght. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >> with all of that talk on "varney & c
waiting and watching to see if our officials can keep us from going over the so-called fiscal cliff, more specifically, that's a series of tax increases and spending cuts together set to go into effect on new year's day if they cannot agree on a budget before then. president obama and congressional leaders have been talking and possibly to come this week. it's november 26th. they don't have a lot of time. peter doocy with the news from washington. >> harris, republicans and democrats alike think that closing loopholes to raise revenue is a good idea. republicans are resisting the idea that inleasing tax rates on the wealthy will steer the country away from the fiscal cliff even though suspects insist it will. >> i would be very much opposed to raising tax rates, but i believe that we can close a lot of lop holes. >> they have to go up, real or effective tax rates, there are ways of doing this and secondly, we have to gross loopholes. >> lindsey graham is okay with new revenue and willing to cap deductions to get it, but only if democrats agree to reform entitlements like social security a
-called fiscal cliff. president obama expressing optimism they can come up with a deal to prevent automatic spending cuts and expiring tax breaks just into fox, the white house spokesman, jake carney, reports president obama spoke with the house speaker boehner and the senate majority leader harry reid over the weekend. still, concerns of the crisis and the european debt crisis sent stocks down but not precipitously but down. we are seeing signs of progress in washington, dc, with rare bipartisan consensus on raising taxes on the wealthy but they remain at odds over the specifics. in other words, exactly highway do you do it. and mike emanuel is live on capitol hill. the white house is expressing putting pressure on congress. >>reporter: a report on the impact if the bush tax cuts are not extended. the study says the typical middle class family will see taxes go up by $2,200 next year affecting businesses and retailers. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries,
's numbers are up, hopefully that helps moving into the negotiations about the fiscal cliff and all else. essentially the message in washington, we need to see a little bit of progress. >>> former governor jeb bush met yesterday with former staffers near the white house where he reportedly entertained questions about his political future. >> huh. >> according to "the national review," governor bush sat down with a number of veteran florida operatives along with mitt romney's campaign pollster. the article says mr. bush, quote, remained coy about making a run for the white house. instead deflecting the focus toward his efforts on educational reform. >> and the question is -- richard, the drudge report had the headline bush iii. are americans going to -- regardless of how qualified he is. are they going to be turned off by possibly electing a bush when you have history of bush for eight years, clinton for eight years, obama for eight years, another bush when there was actually, you know -- well, wait, bush, clinton, bush, obama, bush. >> that's probably due for another obama. i think bush
going to do a segment on the fiscal cliff but nothing happened today. so i'll show you other attention-starved loans hellbent on doing something really stupid. >> oh! >> oh, my gosh! >> eric: okay. now let's talk about the -- no, it's not, bob. the newest and latest from the obama spy department. zero dark thirty is the new video that documents event around the bin laden kill and it's chock full of controversy. c.i.a. opened the door and file to the movie producers. here is a cliff of "zero dark thirty." >> do you really believe this story? >> usama bin laden. yeah. >> what part convinceed you? >> her confidence. >> if you're right, the whole world is going to want in on this. ♪ ♪ >> eric: we're all watching, we're engaged and we'll all want to see that. but kimberly, should the c.i.a. allow hollywood inside their doors, inside their files? >> kimberly: there isn't up side except people who produce the movie will get paid and investors are lucky enough to get in on it financially will be paid off. people are entertained but to what expense to our national security? this is a movie
. by $6 trillion., that is his initial bargaining position on the fiscal cliff. he wants to do that over thethis next decade. it works out to 160 billion per year in taxes.o republicans are howling aboutup? it, but are they wrong to do so. let's take a look at some rlier numbers.ar earlier this year, the president unveiled a 3.8 -- i love this. we just talk about these numbers like there's nothing to it. them $3.8 trillion budget. he forecasted a $1.3 trillion deficit. th so that means, if i can figure this out, $2.5 trillion to work with. $1.3 trillion in deficit. $901 billion left for next year. our national deficit iss big pl $16 trillion. everybody knows that. the president's bignt plans, he just wants $1.6 trillion in new taxes.t here is how he wants to get there. first he wants to raise 849 billion. by allowing the bush tax cuts -y there they go. taking him away.f the very first of december of this year. incom incomes of more than $250,000, 849 billion includes 206 billion in higher taxes on dividends. $123 billion on limiting i'm itemized deductions.pital higher taxes on capital
the fiscal cliff continues and these defense cuts are on the table. should republicans embrace the so-called sequester or cut a deal to avoid it? there's a debate ahead. the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone...but her likes 50% more cash. but i'm upping my game. do you want a candy cane? yes! do you want the puppy? yes! do you want a tricycle? yes! do you want 50 percent more cash? no! ♪ festive. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. what's in your wallet? it's the card for people who like more cash. one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natura
he speaks russian. >> steve: and talking about the fiscal cliff. the private talks are accelerating. and the president of the united states called mr. boehner and mr. reid over the weekend. it looks like the president is going to continue the push and meet with the ceo's tomorrow. they upon meet with irskin bowles. he was the co-chair of simpson-bowles commission . mr. bowles had a great plan. he is a democrat, that offered up 800 billion in new revenue and overhaul the tax system and changes to medicare and that's why the republicans are asking the democrats to come in and explain your deal. this plan was hatched in 2010 and everyone walked away from it and now they call bowles back up? it is late. this is what the american people are upset about. nothing gets done. >> steve: we are a month from the cliff. >> gretchen: we could have avoided the cliff if they used the plan as a starting point. americans are upset nothing gets done. >> brian: norquist is the bad guy. you should walk away from grover norquest. he said you have enough money on capitol hill and stop asking us . he's bee
like spoiled children during fiscal cliff negotiations. while only 28% believe lawmakers can be counted on to behave like responsible adults. chief white house correspondent ed henry has the joy of living and reporting amongst the children. i'm not sure what that makes you but you are a chief white house correspondent so what is the latest? >> reporter: there is a still a little kid in all of us, jenna. the bottom line the negotiations are obviously reefing a critical stage. white house is trading to take advantage of cyber monday, retail holiday today to put out the report you mentioned to suggest retailers will take a particular hit if they face these automatic tax increases and spending cuts that will be kicking in at the end of the year if there is no action by the white house and lawmakers on capitol hill working together. bottom line here, republicans like jeff sessions, the budget chairman in the senate, say they're willing to negotiate on all these tax rates, tax changes, et cetera, but they want to make sure there are spending cuts to go with them. take a listen. >> our democra
republican counterparts, here's speaker boehner on an editorial on the fiscal cliff. he makes it very clear that the battle over obama care is far from over. he says, quote, the tactics of our repeal efforts will have to change. we need to repeal obama care and enact common sense, step by step reforms that start with lowering the cost of health care. clearly speaker boehner hasn't quite accepted the fact that the president was re-elected by an overwhelming majority. nope, is he right back to defending the 1% and corporate welfare at the expense of none other than the middle class. for more, we go to joy reid, managing either of grio.com and jared bernstein. welcome to you both. >> nice to be here. >> earlier we asked you to come up with a figure, because you know i have -- like a dog with a bone on this. we asked you to come up with a figure how much corporate welfare per year is dolled out. what did you find out? >> from the tax policy center, nonpartisan, highly reliable group, $150 billion in tax expenditures that favor corporations in 2012. so, there's your number. >> now, if i'm not mi
it or not, the fiscal cliff. huge spending cuts and tax hikes, but president obama wants to raise taxes on rich americans. how about sitting with voters? instead of raising tax rates on the american people and accepting the damage it will do to our economy, let's start to actually solve the problem. now let's focus on tax reform that closes special interest loopholes and lowers tax rates. you know what? and it won't kill the country if we raises taxes on millionaires a little bit. it really won't. i don't think. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. ♪ >> welcome back, time for a quick check of the headlines, pope benedict xvi presiding over the ceremony today. to elevate six n
. >> the gop post election fallout continues on a couple fronts. >> the fiscal cliff is getting shorter and shorter. >> voters agreed with me on this issue. >> more than congressional republicans. >> we don't understand. >> americans didn't vote for dysfunction. >> the voters agreed with me on this issue. >> they voted for government that works. >> we don't understand why raising tax rates is the solution. >> can party leaders get a deal? >> impossible. >> all this talk about taxing the rich is nonsense. >> grover norquist. >> you speak of grover norquist. >> he's an entertaining warrior. >> pledge mentality is really on the run right now. >> speaker boehner clearly wants a deal. >> he can't have one arm tied behind his back. >> the top 1%, only 42% of the wealth. >> 48.5 million people lived below the poverty level. >> we should ask the wealthy to start paying their fair share. >> the american sense of fairness, no one should pay more than 25%. >> today's republican party has imploded. >> they are in denial. >> they are looking for someone to blame. >> grover is no longer speaking for
debate, the fiscal cliff,, capital gains taxes. there's no compelling reason toe buy here over the next two to three months. let some of this pass, use your assets in other places, raise cash, and then you're in a better position to earn money once 2013 starts. melissa: the thing your ideas have in common is an idea of hunkering down, and sort of of having this investment over a long period of time. why wouldn't you hunker down within the target? give president obama credit thah whether it's because of the fed and easy money or whatever it's been, the stock market has donee well. would you buy some favorite stocks and plan on holding theme through the entire next four years? >> you know, i've always been an advocate of buying stocks that pay high dividends, but taxes going from 15% up to 40%. that takes a huge wind out of te the sails for that argument so, you know, the timing is everything. timing was good to buy stocks at the beginning of obama, and now, not so mh. housing is a great place to be because it's cheap. melissa: i have to say i felt better after hearing spencer's ideas. do
of the house john boehner saying obamacare needs to be on the table in the fiscal cliff talks because, quote, we can't afford it. joining the company from washington is tea party founder justin phillips. come on. house republicans are over a barrel. they lost. what leverage do they have in these negotiations? >> you don't have much leverage when your full scrimmage john boehner's freshly laundered white flag of surrender. john boehner has ceded the field to the democrats. he is not even discussing the issue of spending. it is will lead the issue of revenue. there is going to be more new taxes, absolutely right because when we go to the negotiations, john boehner as usual is starting from a position of weakness. if you're going to start from a position of weakness where you have already given up on the spending side of the equation there's only one alternative, taxes get raised. dave: you mentioned spending. i remember 2009 was the stimulus, $800 billion, you can argue forever about whether it worked out all or not but it wasn't a 1-shot deal. we went up $800 billion and then it stayed. it di
to the other battle brewing tonight, the clock is still ticking on the fiscal cliff. 35 days, taxes including on the middle class, will rise in america unless congress reaches a deal. abc senior white house correspondent jake tapper tells us the latest on this duel that would affect every single american family. >> reporter: the manufacturers of these angry birds building sets in pennsylvania will later this week be visited by president obama as he makes his case for raising tax rates on wealthier americans as part of a larger deal with congress. and while the president is not trying to provoke anger necessarily, he is trying to drum up passions for his proposal. meeting with small business owners today such as texas crop duster manufacturer, david ikert. >> there was a lot of talk in the room about certainty. small business wants certainty so they can plan, strategically look at how we move forward. >> reporter: and releasing these showing them pleading for their tax cuts to be extended. >> if you take away the $2,200 from my paycheck, it would severely impact my family. >> reporter: while t
recession. >> absolutely. so the fiscal cliff is a contraction in the government imposed into the economy of 45% of gdp. on the first order that will hit and reduce economic growth from 2 percent down some-1,-2 very easily. lou: in your judgment would be helpful, profoundly helpful for congress and this president to agree that there will leave everything, create a status quo for negotiations on a reform of the tax code that would take place over the course of six to nine months next year and hold in abeyance any changes just simply stopping, for the first time in some time ever, congress and our president actually think through public policy. >> absolutely. tax-cut reform on the one hand, and salomon reform on the other. if congress and the president move in that direction it would be a very, very positive signal that the political process is actually functioning. lou: a real quickly, we're out of time. some symbols, reasonable template. >> i thinkt is. lou: thank you for being here. president obama's reelection reigniting the debate about illegal immigration. what a republican ship on il
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